How to adapt your e-trading business to a tougher environment

As is the case with many areas of business in the current financial climate, e-trading and fintech businesses are finding themselves in an increasingly more competitive environment than ever before. Any change such as this will always bring a change of mood and feelings of uncertainty. Following years of relative stability and steady growth, tightening financial conditions, regulation changes and increases in new tech production have led to businesses and individuals throwing the brakes on, and exercising much more caution when it comes to investing their time and money. So, how do businesses adapt to these sudden changes and harsher conditions? The answer is threefold: risk management, forward planning, and agility. 

Future-proofing your business against volatility and sudden, unexpected events may take some effort and imagination, but it is undoubtedly vital to survival. Monitoring risks, prioritising goals, and creating clear response plans are the key steps required here, as well as the ability to activate those plans as quickly as possible when required.

Risk management is another necessity right now. Having a robust risk management system in place is absolutely critical in the current financial climate, protecting businesses and their clients from unexpected events. It’s particularly important to ensure your risk management tools are a good fit for your business and that you know how to act on what your data is telling you too. 

Of these three points, agility is perhaps the most important right now. Businesses can’t afford to be inflexible and unwilling to bend to changing conditions. Being open to new ideas, models, products and opportunities will really set you apart from your competitors. Consider also how, when and what you would like to communicate as part of the process of changing your business; maintaining a suitable balance of innovation and reassurance that you’re still the same business beneath it all is important. 

Adapting to tougher environments isn’t a quick fix. It’s a long-haul process requiring real thought, planning, mistakes and corrections. However, the pay-off is huge; increases in clients, revenue and stability amongst many other benefits. MahiMarkets can also help simplify the process for you. Our products are designed flexibly, allowing a bespoke fit for your business to serve your individual goals and objectives. Risk management, predictive pricing tools, automated client classification and a huge range of additional features all work together to safeguard your business and minimise the impact of market events that often leave businesses unable to continue operating. Added to this is our unique consultancy service, working as a team with you to calibrate our software and design a robust plan that stands the test of time.